I believe your understanding is correct. How does that constitute "getting
screwed?"
-----Original Message-----
From: Shahan, Ray [mailto:[log in to unmask]]
Sent: Monday, July 23, 2001 10:41 AM
To: [log in to unmask]
Subject: Re: OT: Tax "refund" checks
I, for one, understood the sales pitch by Bush to be, very simply, "You get
a rebate on the tax you've overpaid, and a reduction in the tax amount you
will have to pay in the future". While I have no problem admitting a severe
ignorance of the tax laws of the IRS, I put that ignorance in the same
bucket as the ignorance of Medical malpractice law...I simply don't have the
time/money/desire to want to understand all of it.
I feel that this is just one more example of being screwed by the
politicians for just being an ordinary..."not really up on every law or
loophole"...citizen. Growl!!!
> -----Original Message-----
> From: John Clogg [SMTP:[log in to unmask]]
> Sent: Monday, July 23, 2001 11:58 AM
> To: [log in to unmask]
> Subject: Re: OT: Tax "refund" checks
>
> The tax cut is retroactive to the first of the year, therefore taxes for
> the
> first half of the year were withheld at an excessive rate. I fail to
> understand how returning that over-withholding can be regarded as a loan.
> Maybe I'm just dense...
>
> -----Original Message-----
> From: Wirt Atmar [mailto:[log in to unmask]]
> Sent: Monday, July 23, 2001 5:22 AM
> To: [log in to unmask]
> Subject: Re: OT: Tax "refund" checks
>
>
> Ron writes:
>
> > http://www.irs.gov/ind_info/apinfo/index.html
> >
> > All the info you ever wanted, right on the IRS web site.
> >
> > Seems pretty simple to me. I hope your firm is no longer telling
> > folks it's an "anticipation loan" as that is wildly off the mark.
>
> "Wildly" is in the eye of the beholder, I suppose. The people we do taxes
> for
> don't tend to understand the tax code deeply, of course. If they did, we
> wouldn't have reason to be in business.
>
> The IRS, as you see in the URL above, is describing the check as an
> "advance
> payment." If the choice were to describe the check as a "tax refund" or a
> "tax rebate," as it is constantly being described in the media, or as "an
> anticipation loan," the latter would seem to be a more accurate
> description.
> It's certainly a more readily understood concept.
>
> The only thing that is misleading about using the term "loan" is that
> there
> is no interest associated with the early payment. But it does seem to get
> the
> idea across a great deal quicker about what the check is and what it
> represents than most of the descriptions currently in use.
>
> Wirt Atmar
>
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